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How To Find And Buy REO Properties: The Investor's Guide
REO properties continue to present lucrative investment opportunities for many real estate investors today.
That said, many people do not clearly understand what REO foreclosure properties are, how to buy them, and how the foreclosure process works.
These are some of the questions that this article seeks to answer. Read on to learn more about how to find and buy these properties.
What Is An REO Foreclosure Property?
A Real Estate Owned or REO foreclosure property refers to property that has been seized by lenders, such as banks, from people who have defaulted on their mortgage payments.
An REO foreclosure property can include condos, detached homes, townhouses, commercial property, multifamily property, and land.
Whenever a borrower is unable to consistency make mortgage payments, the lender has two options for covering the loan including a:
- Short sale or
- Public auction of the property.
If no bidder at a foreclosure auction comes up with the amount of...
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Alex Martinez
Real Estate Entrepreneur
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